Western Africa: Densified Wood Market 2024

Densified Wood Market Size in Western Africa

The West African densified wood market shrank to $X in 2022, reducing by -3% against the previous year. The total consumption indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -9.3% against 2019 indices. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Densified Wood Production in Western Africa

In value terms, densified wood production declined to $X in 2022 estimated in export price. The total production indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -7.1% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 28% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Densified Wood Exports

Exports in Western Africa

In 2022, overseas shipments of densified wood increased by 16% to X tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, showed a abrupt decrease. The pace of growth appeared the most rapid in 2015 with an increase of 662% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, densified wood exports amounted to $X in 2022. Overall, exports, however, showed a deep reduction. The pace of growth was the most pronounced in 2015 when exports increased by 2,257%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Ghana (X tons) represented the largest exporter of densified wood, creating 48% of total exports. Nigeria (X tons) ranks second in terms of the total exports with a 23% share, followed by Cote d'Ivoire (22%). Senegal (X tons) and Burkina Faso (X tons) followed a long way behind the leaders.

Exports from Ghana decreased at an average annual rate of -7.7% from 2012 to 2022. Burkina Faso (-3.2%), Senegal (-7.2%), Nigeria (-12.2%) and Cote d'Ivoire (-20.2%) illustrated a downward trend over the same period. While the share of Ghana (+23 p.p.), Nigeria (+3.4 p.p.), Senegal (+1.6 p.p.) and Burkina Faso (+1.6 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Cote d'Ivoire (-26.3 p.p.) displayed negative dynamics.

In value terms, Ghana ($X) remains the largest densified wood supplier in Western Africa, comprising 68% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a 17% share of total exports. It was followed by Nigeria, with a 10% share.

In Ghana, densified wood exports increased at an average annual rate of +7.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Cote d'Ivoire (-14.3% per year) and Nigeria (-16.4% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, reducing by -10% against the previous year. Over the period under review, the export price, however, continues to indicate a prominent expansion. The pace of growth was the most pronounced in 2015 an increase of 209%. Over the period under review, the export prices attained the peak figure at $X per ton in 2021, and then fell in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+16.3%), while the other leaders experienced mixed trends in the export price figures.

Densified Wood Imports

Imports in Western Africa

Densified wood imports skyrocketed to X tons in 2022, increasing by 212% against the previous year's figure. In general, imports, however, showed a perceptible descent. The pace of growth was the most pronounced in 2015 with an increase of 274% against the previous year. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, densified wood imports soared to $X in 2022. Over the period under review, imports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2015 when imports increased by 95%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The countries with the highest levels of densified wood imports in 2022 were Burkina Faso (X tons), together reaching 94% of total import.

Burkina Faso was also the fastest-growing in terms of the densified wood imports, with a CAGR of -4.8% from 2012 to 2022. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, Burkina Faso ($X) constitutes the largest market for imported densified wood in Western Africa.

In Burkina Faso, densified wood imports remained relatively stable over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, declining by -45.3% against the previous year. In general, the import price recorded a mild setback. The most prominent rate of growth was recorded in 2017 when the import price increased by 123%. Over the period under review, import prices attained the maximum at $X per ton in 2021, and then declined notably in the following year.

As there is only one major supplying country, the average price level is determined by prices for Burkina Faso.

From 2012 to 2022, the rate of growth in terms of prices for Burkina Faso amounted to +5.5% per year.

Source: IndexBox Platform

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